Park Sterling Corporation (PSTB) has reported an 173.22 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $7.49 million, or $0.14 a share in the quarter, compared with $2.74 million, or $0.05 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $7.45 million, or $0.14 a share compared with $6.17 million or $0.12 a share, a year ago.
Revenue during the quarter grew 3.51 percent to $31.85 million from $30.77 million in the previous year period. Net interest income for the quarter rose 1.73 percent over the prior year period to $27.06 million. Non-interest income for the quarter rose 15.68 percent over the last year period to $5.47 million.
Park Sterling Corporation has made provision of $0.68 million for loan losses during the quarter, up 21.94 percent from $0.56 million in the same period last year.
Net interest margin contracted 10 basis points to 3.68 percent in the quarter from 3.78 percent in the last year period.
"We are very pleased with our results for the first quarter of 2017. Our priorities are to deliver high quality products and services through exceptionally talented and experienced in-market banking professionals and to continue to improve profitability and returns," said Jim Cherry, chief executive officer. "Our distinctive value proposition is rewarding us with attractive growth in loans, deposits and revenue, which enables us to deliver increasing earnings and returns for our shareholders."
Liabilities outpace assets growth
Total assets stood at $3,308.76 million as on Mar. 31, 2017, up 4.92 percent compared with $3,153.74 million on Mar. 31, 2016. On the other hand, total liabilities stood at $2,947.04 million as on Mar. 31, 2017, up 5.09 percent from $2,804.23 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $2,447.76 million as on Mar. 31, 2017, up 7.86 percent compared with $2,269.31 million on Mar. 31, 2016. Deposits stood at $2,509.20 million as on Mar. 31, 2017, up 0.45 percent compared with $2,497.98 million on Mar. 31, 2016.
Loans to deposits ratio was 97.55 percent for the quarter, up from 90.85 percent for the previous year quarter.
Investments stood at $532.89 million as on Mar. 31, 2017, up 3.59 percent or $18.45 million from year-ago. Shareholders equity stood at $361.72 million as on Mar. 31, 2017, up 3.49 percent or $12.21 million from year-ago.
Return on average assets moved up 58 basis points to 0.93 percent in the quarter from 0.35 percent in the last year period. At the same time, return on average equity increased 530 basis points to 8.46 percent in the quarter from 3.16 percent in the last year period.
Nonperforming assets moved up 9.09 percent or $1.27 million to $15.27 million on Mar. 31, 2017 from $13.99 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.46 percent in the quarter, up from 0.44 percent in the last year period.
Tier-1 leverage ratio stood at 9.99 percent for the quarter, up from 9.76 percent for the previous year quarter. Equity to assets ratio was 10.93 percent for the quarter, down from 11.08 percent for the previous year quarter. Book value per share was $6.86 for the quarter, up 2.54 percent or $0.17 compared to $6.69 for the same period last year.
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